The Quirks of Co-working

“Co-working has witnessed a significant resurgence over the past few years with the increase of the contingent workers – professionals who work independently as freelancers, contractors, or solopreneurs. The current state of the economy has shaped the workforce, as well as where and how we work” (Forbes, 2013).

Co-working can be a great way to collaborate with other entrepreneurs as it offers exciting business opportunities to those who take advantage of its unique and inspiring environment. A co-working space may not be right for everyone, but it can have significant benefits for those who choose to give it a shot. Some people prefer to work alongside their cat at home, while others are most productive when surrounded by others who are working towards a similar goal.

At AcceleratorYYC, we don’t just offer a shared workspace with WiFi and meeting rooms: we focus on building a collaborative community filled with a diverse group of people striving to reach their objectives. While the perks of co-working aren’t always obvious, let’s discuss a few of the quirks that we have discovered over the past two years.

1. Knowledge-Sharing

One of the main benefits of co-working is the opportunity for networking and collaboration. Working alongside a diverse group of individuals allows the opportunity to build relationships as opposed to working alone at a local coffee shop or at home. You may be the sole employee of your company, but with co-working, you can still enjoy the benefits of being surrounded by people who are doing similar work. According to Deskmag, “80% [of co-workers] expand their businesses network.”

By working in a collaborative space, there is an opportunity to interact with knowledgeable people that you wouldn’t have otherwise met (unless maybe you successfully connected with them on LinkedIn and asked them to go for coffee!) It is unlikely that the inventor of the USB key, a prominent angel investor, or a highly qualified business lawyer just walks into your home office and strikes up a conversation. Of course, you can always read how-to blogs online, but you may miss out on the genuine human interaction from discussing those topics during workshop sessions. According to Forbes, “Professional, personal, and social gains come as added bonuses that are more advantageous than working in a coffee shop or home office/living room/dining room.”

Co-working spaces also host events and workshops for their members. Deskmag suggests that, “72% of co-workers say that their skill set increased, most likely due to the co-working space hosting events and workshops.”

2. Increase Motivation and Focus

Many co-workers are their own bosses. They all make their own decisions and have chosen to work in a co-work space where no one enforces them to “punch the clock.” This type of energy and motivation makes a HUGE difference in an office setting. Co-workers and founders are energized and excited to take on the world. According to Deskmag, 71% feel more creative and 74% are more productive.

While working from home, a pile of dirty laundry, dusty countertops, or energy bills can easily distract you from accomplishing your startup goals. For example, consider people who subscribe to monthly gym memberships even though they could affordably work out in their basement or go for a run in the neighborhood. Many gym members will manage their time efficiently and effectively while they are at the gym to get the greatest return on their investment. The same logics applies to co-working; people pay for a membership to help them focus and get work done.

3. Improve Work/Life Balance

Entrepreneurs, especially those working on early stage companies, work a LOT. Research has shown that those who work from home regularly end up working much longer hours than commuters. Co-working offers another physical barrier to help people balance their work and home lives.

“Sound work life balance will definitely have a positive impact on your business. The quality of work improves significantly as employees feel fresh and not stressed out at all. They know when they go home, they will have enough time to spend with their families. Thus, this practice most certainly enhances productivity and results in business growth.” (TradeKey)

Many of our co-workers who have 24/7 access, however, they balance their time as they would a regular office job. They come in to the office in the morning and leave at the end of the day to spend quality time with family and friends. It is always nice to have “options” as opposed to “have to’s”, and your home office will always be there for you (should you choose to finish up those emails in the evenings or just work from your pajamas for a change. And for the record, you’re more than welcome to work in your pajamas at our office!)

4. Increase Credibility & Professionalism

Have you seriously considered listing your home as your business address on your website? Chances are, potential clients have searched your address to look into the credibility of your new business. Depending on your clientele, you may instantly impress potential clients if you’re located in a trendy neighbourhood or downtown area. Increase your professionalism and increase sales success by using a co-working office address for your business.

In addition to providing a business address and mail, many co-working spaces also provide professional boardrooms for creative brainstorming sessions, video conference calls, or private strategy discussions. You can’t accomplish either of those at a noisy coffee-shop. According to Inc, “Belonging to a coworking space often includes access to conference rooms, which can lend some credibility to your business meetings.”

5. Access Affordable Community Resources

We’ve heard the standard critiques many times when we mention that we strive to offer affordable co-working. “Why co-work, when I can work from home and save money? I am already paying for the Internet. That’s all I need.” However, there are many value-added services that would cost significantly more if you were on your own and working from home. How much would you pay to have a professional business address? Access to a free mentor on a regular basis? A creative collaborative space to host client meetings? Someone to welcome your guests and make them feel comfortable if you’re running late? While yes, you are paying anywhere from $300- $450 per month for shared office space, these convenient benefits typically outweigh the cost.

Co-work spaces are often well connected within the business communities. On behalf of their members, they can build great relationships with service providers such as lawyers, accountants, marketing consultants, graphic designers, and more. It will save you a lot of time and money if you need a professional service and can easily ask those around you about their experience. Also, you may even receive a member discount!

Warning: Co-working isn’t for everyone

While co-working can have many advantages, it may not be the right fit for everyone. Working in a large open space can be distracting: you may overhear someone answering a customer service call, explaining a new product, offering advice… and maybe a laugh or two. (We like to have fun at our office.) However, there are usually meeting and side rooms and you can simply put in your headphones and listen to your favourite tunes.

Gaining the full benefits of co-working space may take time. You probably won’t be able to experience all of the perks our space has to offer during your first visit. Also, there may be some awkwardness when you first meet your new co-working peers, but that will go away with time as you become more plugged into the community.

Should You Co-work?

We could go on and on about the benefits of co-working, but we realize that it isn’t for everyone. So, we developed “Should You Co-work”, a quick quiz to help you determine whether it would work for you. It is the featured image on this blog post and is also available on the AcceleratorYYC website.

AcceleratorYYC is an entrepreneur-lead co-work space for tech startups in Calgary’s Inglewood area. Partnered with Digital Alberta, AcceleratorYYC offers members an affordable work space, mentorship and accessible resources needed for entrepreneurs to succeed. For more information, visit www.acceleratoryyc.com, @AcceleratorYYC, or AcceleratorYYC on Facebook.

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